Pension schemes newsletter 80

29 July 2016

HMRC has now launched our new online service for pension scheme members to apply to protect their pension savings from the lifetime allowance tax charge. From now on, members who want to apply for lifetime allowance protection will have to do so online.

This service replaces the interim paper process for applying for fixed protection 2016 (FP2016) and individual protection 2016 (IP2016) and replaces the online form for applying for individual protection 2014 (IP2014).

Guidance for pension administrators has been updated to reflect the new online service which details what you need to do if your members protect their pension from the lifetime allowance reduction.

Other topics in Pension schemes newsletter 80 - July 2016 include pension flexibility statistics and relief at source - annual returns of individual information for 2015 to 2016.